FED and FFIEC Offer Reporting Relief to Institutions Due to COVID-19
FED and FFIEC announced regulatory reporting relief to financial institutions due to disruptions caused by the COVID-19. FED will not take action against a financial institution with USD 5 billion or less in total assets for submitting its March 31, 2020 Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) after the official filing deadline, as long as the applicable report is submitted within 30 days of the official filing due date. Similarly, FFIEC announced that federal banking agencies will not take action against any institution for submitting its March 31, 2020 Call Reports after the respective filing deadline, as long as the report is submitted within 30 days of the official filing date. Institutions are encouraged to contact their Reserve Bank/primary federal regulator in advance of the official filing deadline if they anticipate a delayed submission.
Additionally, US Agencies (CFPB, FDIC, FED, NCUA, and OCC) issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement recognizes that responsible small-dollar loans can play an important role in meeting customers' credit needs because of temporary cash-flow imbalances. Such loans can be offered through a variety of structures including open-end lines of credit, closed-end installment loans, or appropriately structured single payment loans. This statement follows other actions taken by the agencies to encourage financial institutions to meet the financial services needs of their customers and members who have been affected by COVID-19. In addition to this statement, the agencies are working on future guidance and lending principles for responsible small-dollar loans to facilitate the ability of banks, credit unions, and saving associations to more effectively meet the ongoing credit needs of their customers, members, and communities.
Related Links
- FED Press Release on Reporting Relief
- FFIEC Press Release on Reporting Relief
- Press Release on Small-Dollar Lending
Keywords: Americas, US, Banking, Reporting, COVID-19, FR Y-9C, Call Reports, Deadline Extension, Small Banks, Small-Dollar Lending, FFIEC, FED, US Agencies
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